WTI nosedives below $74.00 on bumper weekly oil inventories and hawkish Fed minutes Oil WTI Inflation Fed Recession
WTI is juggling below $74.00 after a nosedive move due to a huge build-up of US oil stockpiles.The oil price might remain on the tenterhooks as a Head and Shoulder pattern is in formation.Intermediate , futures on NYMEX, have been dumped by the market participants after the United States American Petroleum Institute reported a huge build-up of oil inventories for the week ending February 17.
The US API reported a build-up of oil stockpiles by 9.985 million barrels. This signifies exceeding oil supply against the overall demand, which resulted in a nosedive move of around 4%. Apart from that, hawkish Federal Open Market Committee minutes have bolstered further slowdown in the economic activities in the United States. Firms are still struggling to address higher interest obligations and now further jump in the interestwill result in more contraction in the scale of activities. Fed policymakers have favored for higher rates for a longer period to bring down inflation meaningfully.
Meanwhile, St. Louis Federal Reserve President James Bullard has advocated an aggressive interest rate hike in the March monetary policy meeting to sharpen its tools in the battle against persistent inflation. This might escalate recession fears in the United States and eventually the oil demand. Further, theWTI is forming a Head and Shoulder chart pattern on a four-hour scale that indicates a breakdown of a prolonged consolidation.
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